Bank of Melbourne Personal Loans

The loan terms of Bank of Melbourne’s personal loan products vary depending on the product in question. Their variable rate personal loans offer a flexible loan term of 1-7 years, whereas their fixed rate personal loans offer a flexible loan term of 1-5 years.

There are a number of fees to be aware of when taking out a personal loan with Bank of Melbourne:

• Establishment fee – $195
• Administration fee – $12 per month
• $150 early repayment fee if you pay off your loan within 12 months of taking it out
• $100 early repayment fee if you pay off your loan after the first 12 months but before the end of your loan term
• $10 redraw fee on variable loans

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Bank of Melbourne’s fees are more or less what the average customer is paying.

Applying for a Bank of Melbourne personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Bank of Melbourne (or most providers in Australia for that matter), you generally need to meet the following criteria:

• You must be 18 years or old
• You must live in Australia
• You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
• Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
• Show an ability to afford your loan repayments
• Take out a loan of at least $3,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

• A current driver’s license
• Details of your current and previous (if applicable) employer
• Details of your income, assets, expenses and liabilities
• Previous tax returns if you are self-employed

You may also require your current account number for Bank of Melbourne if you’re an existing member.

Bank of Melbourne was founded in 1989 and has 106 branches exclusively in the state of Victoria. In 2015, Bank of Melbourne was recognised for the second time as the Regional Bank of the Year at the Financial Review Smart Investor Blue Ribbon Awards.

The Bank of Melbourne supports the community groups their customers choose, by providing The Local Project grants to the deserving community projects that win the most votes. You can also apply for a community grant through the Neighbourhood Fund. Bank of Melbourne also sponsors the Sleep at the G fundraising event for Melbourne City Mission, to combat homelessness in Victoria.

Check out their Melbourne Made ad campaign that celebrates the Victorian people and businesses who bank with them:

Source: Bank of Melbourne

The Bank of Melbourne’s parent company, Westpac, is also committed to sustainability and protecting our environment, with their 2016 Interim Sustainability Report listing measures such as:

• Carbon neutral as of 2013 and maintaining that status.
• Halved their electricity usage in commercial and retail sites from 2015 levels.
• Halved their total greenhouse gas emissions in commercial and retail sites from 2015 levels.
• More than $6.3 billion lent per year to the CleanTech and environmental services sector.
• More than $1.05 billion lent to the social and affordable housing sector.